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AMM reported that while General Moly Inc. (NYSEMKT:GMO,TSX:GMO) has acknowledged that the termination of its $125-million loan deal with Hanlong (USA) Mining Investment was a “serious bump in the road,” it believes it has sufficient cash to continue on until it finds a new financing parter for its Mount Hope project.
AMM reported that while General Moly Inc. (NYSEMKT:GMO,TSX:GMO) has acknowledged that the termination of its $125-million loan deal with Hanlong (USA) Mining Investment was a “serious bump in the road,” it believes it has sufficient cash to continue on until it finds a new financing parter for its Mount Hope project.
As quoted in the market news:
General Moly has completed preliminary construction at the Nevada mine and will begin heavy construction once it secures full financing for the project. In the meantime, the company is ‘focused on conserving cash,’ chief executive officer Bruce Hansen told AMM.